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State Name: Massachusetts
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State Abbreviation: MA
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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

Refinancing made a
tiny bit of a comeback during the week ended July 13. Both the Refinancing
Index, a component of the Mortgage Bankers Associations (MBAs) Market Composite
Index, and the share of applications that were for refinancing regained some
ground after retreating during the previous three weeks.

The overall Composite
Index, a measure of mortgage volume, declined by 2.5 percent on a seasonally
adjusted basis, giving back all of its gains from the prior week. On an
unadjusted basis the index was up 22 percent from the week ended July 6 due to
the adjustments made by MBA to account for the Independence Day holiday.

The Refinance
Index increased 2 percent from the previous week and 36.5 percent of
applications received were for refinancing. The prior week refinancing had a
34.8 percent share.

The seasonally
adjusted Purchase Index declined by 5 percent week-over-week. The unadjusted
Purchase Index increased 19 percent, again because of holiday related
adjustments, and was 1 percent higher than the same week one year ago.

Refi Index vs 30yr Fixed

Purchase Index vs 30yr Fixed

Applications
for FHA backed mortgages accounted for 10.6 percent of the total compared to
10.0 percent the previous week. The VA
share declined by more than a point to 10.2 percent and USDA activity ticked down
from 0.8 percent to 0.7 percent.

The average
contract interest rate for 30-year fixed-rate mortgages (FRM) with balances at
or below the conforming limit of $453,100 increased to 4.77 percent from 4.76 percent. Points rose to 0.46 from 0.43 and the effective rate was also higher.

The rate for jumbo
30-year FRM, loans with balances greater than $453,100, declined to 4.66
percent from 4.68 percent. The effective
rate still increased as points rose to 0.30 from 0.24.

Thirty-year FRM backed
by the FHA had an average rate of 4.78 percent with 0.69 points. The previous week the rate was 4.80 percent
with 0.75 point. The effective rate was also lower than the prior week.

The average
contract interest rate for 15-year FRM increased to 4.22 percent from 4.18
percent, and points rose 0.46 from 0.42. The effective rate increased from last
week.

The average
contract interest rate for 5/1 adjustable rate mortgages (ARMs) ticked down 1
basis point to 4.12 percent. Points increased
to 0.39 from 0.36 leaving the effective rate unchanged. Applications for ARMs decreased to 6.1
percent of those received from 6.3 percent the previous week.

MBA's Weekly
Mortgage Applications Survey has been conducted since 1990 and covers over 75
percent of all U.S. retail residential mortgage applications. Respondents include mortgage bankers,
commercial banks and thrifts. Base
period and value for all indexes is March 16, 1990=100 and interest rate
information is based on loans with an 80 percent loan-to-value ratio and points
that include the origination fee.

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